The ‘new normal’ of banking was already dramatically changing pre-crisis from brick-and-mortar branches to agile, consumer-centric businesses with new innovative solutions to personalised problems. Even before the global pandemic, digital services had become an integral part of retail banking. Mobile access, faster payments, direct insights into customer habits and end-to-end online banking; no sector has invested more in technology, and the challenges presented by COVID-19 have only accelerated digitisation. Investing in digital transformation has created agile business models in these challenging times and allowed customers access and support from their banks throughout the lockdown.

However, managing massive costs, changing consumer expectations and a competitive marketplace put retail banks under pressure to deliver fast and impressive results from digital investments. When can banks expect to see a return on investment from digital transformation? What are the metrics of success? How can businesses measure the true value of digital transformation and can they ever ‘finish’ transforming?

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